The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
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July 14, 2006
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Trivia Tidbit Of The Day: Part 198 -- Oil Industry Profits.
Oil Industry Profits-
It's earnings season at the NYSE.
Today ExxonMobil announced record profits, which has renewed called for "excess profits" taxes on oil and gas companies.
This morning, ExxonMobil took out this advertisement (.pdf) in a newspapers to put the profits into a bit of contest:
This week, ExxonMobil’s earnings are in the news. But is there more to the story than the headlines?
Included was this graph (.pdf):
And yet, Marxist Democrats like Senator Cantwell of Washington, Senator Reed of Rhode Island and Senator Dorgan of North Dakota want to punish the oil companies for their success. Words like "profiteering" and "price gouging" are thrown around, willy-nilly.
What exactly is the difference between profiting and profiteering, anyway? The type of industry in which one is involved?
Want to place blame for "high" oil prices?
Look no further than the government, itself:
Environmental regulations, backed by activists who mix demonstrations and lawsuits, create delays and inflate costs.
It boggles my mind that so many communists are still allowed into the halls of Congress.
Previous Trivia Tidbit: Oil Taxes & Profits.
Posted by Will Franklin · 27 October 2005 03:58 PM
Those senators you mentioned aren't Marxists, they just pander to them. If they were Marxists they'd be against anyone making a profit and would be the first ones to call for subsidies or outright government takeover of any industry making high profits OR suffering losses. The constituents they pander to lack the intelligence to understand that, and those senators prefer it that way. Contrary to the claims by those on the left, it's a whole lot easier to sell a total line of BS to the "reality based" left than it is to the right. So easy that most of us on the right can't but help but laugh when the left refers to itself as a "reality based". If they were able to comprehend the truth they'd switch sides and refer to their former comrades as the "envy and hate driven left", like we do. Reality doesn't figure into their ideology, dishonesty does.
Posted by: bullwinkle at October 27, 2005 05:15 PM
Listening to them on CNBC today talk about this stuff in some depth, joining with the Naderites, it was difficult not to call them Marxists. I mean, it was just ridiculous.
Posted by: Will Franklin at October 27, 2005 05:24 PM
That was an awfully good statement by ExxonMobil.
Sometimes you really do have to wonder how some of the people at CNBC got their jobs. I would not trust an investment portfolio with any one of them except Kudlow or Cramer.
Posted by: Tom Blumer at October 27, 2005 05:54 PM
One of the things that constantly gets lost in the arguments made by the anti-oil lobby is that many of the oil and gas companies have been engaged in share buybacks in recent years, and especially in the last year.
What does this mean? Right now, the energy companies are seeing their earnings (profits) per share go up, which the anti-oil lobby points to as evidence of "gouging".
What's really going on is a little bit of profit increase from higher oil and gas prices, and a lot of decrease in the number of shares of these companies' stock. As a result, the EPS numbers are overstating the real profit picture for these companies.
You might want to play with the earnings data from the second quarter of the year in a dynamic table format, and FWIW, the Exxon-Mobil people need to give a major hat tip to Tom Tanton at the The Commons for originating the chart.
Posted by: Ironman at October 27, 2005 06:24 PM
Thanks, Ironman... good stuff.
Posted by: Will Franklin at October 27, 2005 06:35 PM
Comunists in Congress? My Goodness! Besides Bernie (Dean will support him) Sanders, the rest all try to be like chameleons, there to eat you alive, but not noticed until it's too late!
Posted by: DL at October 28, 2005 08:00 AM
Why is it that people gripe so much about the price of oil, yet they will go out and buy a cup of coffee for $7 to $10 ??? A couple of bottles of shampoo can be more than what we pay for a barrel of oil?
Posted by: Zsa Zsa at October 28, 2005 10:50 AM
The oil industry creates jobs and supports alot of people! Not to mention we rely on it to get us around! I think that oil and gas prices are actually artificially low compared to the demand!
Posted by: Zsa Zsa at October 28, 2005 10:58 AM